1、 Taxonomy Technical Report June 2019 2 Disclaimer This report represents the overall view of the members of the Technical Expert Group, and although it represents such a consensus, it may not necessarily, on all details, represent the individual views of member institutions or experts. The views ref

2、lected in this Report are the views of the experts only. This report does not reflect the views of the European Commission or it services. 3 About this document This document sets out the results of the work to date undertaken by the Technical Expert Group on Sustainable Finance (hereafter, TEG) in

3、relation to the development of an EU classification system for environmentally sustainable economic activities (hereafter Taxonomy). It has six parts: PART A Explanation of the Taxonomy approach. This section sets out the role and importance of sustainable finance in Europe from a policy and investm

4、ent perspective, the rationale for the development of an EU Taxonomy, the daft regulation and the mandate of the TEG. PART B Methodology. This explains the methodologies for developing technical screening criteria for climate change mitigation objectives, adaptation objectives and do no significant

5、harm to other environmental objectives in the legislative proposal. PART C Taxonomy user and use case analysis. This section provides practical guidance to potential users of the Taxonomy, including case studies. PART D Economic impacts of the Taxonomy. This section provides the TEGs analysis of the

6、 likely economic impacts of establishing an EU Taxonomy. PART E Next steps for the Taxonomy. This section elaborates on unresolved issues and potential ways forward for the Taxonomy and the technical work of the Platform on Sustainable Finance. PART F Full list of technical screening criteria. This

7、annex sets out the sector- and economic activity-specific technical screening criteria and rationale for the TEGs analysis. 4 Contents 1. Context and rationale . 10 1.1 An introduction - Why have an EU Taxonomy? . 10 1.2 Background - The EU environment and climate action framework . 11 1.3 The role

8、of sustainable finance . 12 2. The Technical Expert Group . 16 2.1 Mandate and work to date . 16 3. Principles for Taxonomy development . 19 3.1 Principles enshrined in regulation . 19 3.2 Additional principles developed by TEG . 22 4. Sector framework . 23 5. Economic and environmental systems . 24

9、 6. Climate change mitigation . 26 6.1 Work process conceptual approach . 26 6.2 Methodology for selecting sectors and economic activities . 27 6.3 Defining substantial contribution to climate change mitigation . 29 6.4 Eligibility of finance for activities contributing substantially to mitigation .

10、 31 6.5 Mitigation activities table . 34 7. Climate change adaptation . 36 7.1 Work process conceptual approach . 36 7.2 Defining substantial contribution to climate change adaptation . 38 7.3 Adaptation screening criteria . 40 7.4 Eligibility of finance for activities contributing substantially to

11、adaptation . 41 7.5 Classification of climate-related hazards . 41 7.6 Sectoral sensitivity to climate hazards . 42 7.7 Adaptation activities table . 44 8. Do no significant harm (DNSH) . 45 8.1 DNSH to climate change adaptation (for other environmental objectives) . 45 8.2 DNSH to environmental obj

12、ectives 3-6 . 46 9. Climate change mitigation worked example . 49 10. Climate change adaptation worked example . 52 5 11. Users of the Taxonomy . 56 11.1 Defining the users . 57 11.2 Obligations for Taxonomy users . 61 12. Implementation matters . 62 12.1 General implementation approach . 62 12.2 Di

13、fferences by asset classes . 65 12.3 Case Studies . 66 13. Data: availability analysis and results . 71 13.1 Revenue breakdown by Taxonomy-related activities . 71 13.2 Environmental data . 71 14. Role of companies . 75 14.1 Advantages of reporting to facilitate the implementation of the Taxonomy . 7

14、5 15. Role of data providers . 77 16. Expected impacts of the Taxonomy . 79 16.1 Coverage of the Taxonomy and financial quantitative impact assessment . 79 16.2 Qualitative analysis of the transmission channels of the Taxonomy . 95 16.3 Cost and benefit analysis for relevant stakeholders . 97 16.4 C

15、onclusions . 103 17. The extension of the TEG and development after TEG . 104 17.1 TEG extension . 104 17.2 Ongoing development beyond the TEG . 105 6 18. List of activities with technical screening criteria. 107 18.1 Summary: climate change mitigation . 107 18.2 Summary: climate change adaptation .

16、 110 19. Agriculture . 111 20. Forestry . 156 21. Manufacturing . 183 22. Electricity, gas, steam and air conditioning supply . 232 23. Water, Sewerage, Waste and Remediation . 292 24. Transportation . 324 25. Information and communication . 357 26. Construction, Real estate activities . 363 27. Agr

17、iculture, Forestry and Fishing . 387 28. Electricity, gas, steam and air conditioning supply . 393 29. Water supply; sewerage; waste management and remediation activities . 401 30. Information and communication . 406 31. Financial and insurance activities . 408 32. Professional, scientific and techn

18、ical activities . 411 7 List of Technical Expert Group Members Members of the Technical Expert Group are listed below. Taxonomy Working Group members are in bold. Organisation Name AIG Europe Dawn SLEVIN Allianz Global Investors Steffen HOERTER Bloomberg Curtis RAVENEL1 BNP Paribas asset management

19、Helena VIES FIESTAS Borsa Italiana Sara LOVISOLO Carbone 4 Jean-Yves WILMOTTE Cassa Depositi e Prestiti S.p.A. Pierfrancesco LATINI CDP (Carbon Disclosure Project) Nico FETTES Climate Bond Initiative Sean KIDNEY Climate KIC Sandrine DIXSON-DECLEVE EACB Tanguy CLAQUIN EFFAS Jos Luis BLASCO EnBW AG Th

20、omas KUSTERER Eurelectric Jess MARTNEZ PREZ Finance Watch Ludovic SUTTOR SOREL2 Green Finance Cluster Frankfurt Karsten LOEFFLER GRI (Global Reporting Initiative) Eszter VITORINO ICMA Nicolas PFAFF KfW Bankengruppe Karl Ludwig BROCKMANN Luxembourg Stock Exchange Flavia MICILOTTA3 Mirova Manuel COESL

21、IER MSCI Veronique MENOU Nordea Aila AHO PRI Nathan FABIAN RICS Ursula HARTENBERGER4 SCOR Michle LACROIX SEB Marie BAUMGARTS Swiss Re Ltd Claudia BOLLI Thomson Reuters Elena PHILIPOVA Unilever Michel PINTO WiseEuropa Maciej BUKOWSKI WWF Jochen KRIMPHOFF Andreas HOEPNER5 Brenda KRAMER6 Paolo MASONI7

22、1 Occasionally replaced by Ani Kavookjian 2 Replacing Nina Lazic and Mireille Martini 3 Replacing Jane Wilkinson 4 Replacing Zsolt Toth 5 Appointed in a personal capacity 6 Appointed as a representative of a common interest shared by stakeholders 7 Appointed in a personal capacity 8 Directly invited

23、 members European Banking Authority Pilar Gutirrez, Piers Haben, Mira Lamriben, Slavka Eley European Central Bank Ana Sofia Melo, Fabio Tamburrini European Insurance and Occupational Pensions Authority Lzaro Cuesta Barber8, Marie Scholer European Investment Bank Eila Kreivi, Aldo Romani, Nancy Saich

24、, Peter Anderson, Dominika Rosolowska, Jean-Luc Filippini, Cinzia Losenno European Securities Market Authority Alessandro DEri, Roxana Damianov Michele Mazzoni, Eduardo-Javier Moral-Prieto, Chantal Sourlas, Jacob Lnnqvist European Environment Agency Andreas Barkman, Stefan Speck Directly invited obs

25、ervers European Bank for Reconstruction and Development Carel Cronenberg Organisation for Economic Cooperation and Development Simon Buckle, Mireille MARTINI Network for Greening the Financial System/Banque de France Lisa Biermann9 United Nations Environmental Programme Finance Initiative Elodie Fel

26、ler10 TEG members have benefitted from extensive support from within their own organisations. Acknowledgements are given below. Member staff acting in TEG roles Climate Bonds Initiative Anna Creed Climate-KIC Felicity Creighton Spors Additional support from TEG member and observer organisations Ani

27、Kavookjian Bloomberg Luca Di Marco Cassa Depositi e Prestiti Diletta Giuliani Climate Bonds Initiative Katie House Climate Bonds Initiative Ujala Qadir Climate Bonds Initiative Lionel Mok Climate Bonds Initiative Penny Apostolaki Climate Bonds Initiative Daniel Zimmer Climate-KIC Craig Davies EBRD I

28、oanna Kourti EBRD Bogachan Benli EIB Juan Bofill EIB Marcial Bustinduy EIB 8 Replacing Camille Graciani 9 Replacing Emmanuel Buttin 10 Replacing Eric Usher 9 Adrian Enache EIB Andres Gavira EIB Stephane Petti EIB Christian Schempp EIB Julio Schreier EIB John Sinner EIB Marcos Tejerina EIB Marc Tonte

29、ling EIB Jonas Wolff EIB Andreas Unterstaller European Environment Agency Doris Marquardt European Environment Agency Gorm Dige European Environment Agency Nikolaj Bock European Environment Agency Lale Karayaka European Environment Agency Magdalena Jozwicka European Environment Agency Wouter Vanneuv

30、ille European Environment Agency Ioannis Bakas European Environment Agency Stefan Speck European Environment Agency Ian Marnane European Environment Agency Sebastian Rink Green Finance Cluster Germany Doris Kramer KfW Bankengruppe (KfW) Josef Haider KfW Bankengruppe (KfW) Chloe Desjonqueres OECD Mic

31、hael Mullan OECD Mireille Martini OECD Alyssa Heath Principles for Responsible Investment (PRI) Danielle Chesebrough Principles for Responsible Investment (PRI) Gemma James Principles for Responsible Investment (PRI) Matilda Persson Principles for Responsible Investment (PRI) James Kavanagh Royal In

32、stitution of Chartered Surveyors (RICS) Fabrizio Varriale Royal Institution of Chartered Surveyors (RICS) Jonathan Gheyssens UN REDD Zofia Wetmanksa WiseEuropa The TEG is also grateful to the generous and extensive technical support from consultation respondents and additional experts, as well as the in-depth contributions from the sectoral European C